Technology
BEL to manufacture Micro ATMs, Citizen Verification Devices
Public sector defence electronics major Bharat Electronics Limited (BEL) on Wednesday announced its foray into manufacturing Micro ATMs and Citizen Verification Devices (CVD).
 
Capable of strengthening financial inclusion in the country, the portable BEL Micro ATM can facilitate a low-cost payment platform for all type of card transactions using a magnetic strip card or contact and contactless chip card.
 
"A banking professional carrying cash separately can execute banking operations in remote locations facilitated by the Micro ATM," said senior BEL staffer V. Mahesh overseeing their production.
 
He said the device which looks like a point of sale machine is fully secure and tamperproof, currently being used for Public Distribution System (PDS) schemes in some states.
 
Mahesh said nearly 5,00,000 Micro ATMs will be required in 2-3 years as central government is directing state governments to deploy such a solution.
 
BEL is currently executing its initial order of 4,000 Micro ATMs.
 
"Basic transactions such as deposit, withdrawal, funds transfer and balance enquiry are supported with voice confirmation and print-out," said a BEL statement about the device which will also tap into Aadhaar database to authenticate transactions.
 
Talking about CVD, BEL chairman S.K. Sharma said, "The Registrar General of India has asked us to provide a device with a special application software for door to door census collection required for government schemes. CVD is basically a customised tablet PC."
 
Sharma said BEL had done similar projects for other government schemes as well, supplying nearly half a million tablets already.
 
"We gave 1,000 CVDs on a pilot basis," he said with the likelihood of more being produced in the future.
 
BEL is also venturing into solar energy with plans to produce 150 MW to be exclusively used by the defence industry.
 
First project under solar energy will be ready in six months, said Sharma.
 
The BEL is also installing rooftop solar energy installations in Bengaluru with an aim to produce 6-10 MW in 2-3 years.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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US companies to invest $45 bn more in India: John Chambers
Members of the US-India Business Council have already invested $28 billion in India since September 2014 and investment of another $45 billion is in the pipeline, council Chairman John Chambers told Prime Minister Narendra Modi here.
 
"In September 2014, the USIBC members indicated an investment figure of $41 billion that was likely to be invested over a 2-3 year period. Today, I'm happy to announce that in less than two years, about 20 percent of the USIBC members have already invested $28 billion," Chambers said.
 
"In the next 2-3 years, we will see this pace accelerating -- with indications that USIBC members are on track to invest an additional $45 billion, which is a conservative estimate," he added.
 
Chambers met Modi just after his roundtable with the USIBC members, which included the top brass of companies like PepsiCo, Master Card, Warburg Pincus, Lockheeed Martin, Boeing, Westinghouse, Intelsat, Emerson and 8Minute Energy.
 
The prime minister also presented the USIBC Global Leadership Awards to Dilip Shangvhi of Sun Pharmaceuticals and Jeff Bezos of Amazon.
 
Speaking after receiving the award, Shangvhi said the US is the largest market for his company, and that almost 50 per cent of Sun Pharma turnover is in the US.
 
"We have invested close to $4 billion in the US and we continue to invest both in manufacturing, infrastructure as well in R&D. Out of $450 million we will spend on R&D, $200 million will be spend in the US," he said.
 
Bezos said Amazon.com had pledged another investment of $3 billion in India.
 
"We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy," Bezos said.
 
According to Vikas Swarup, spokesperson of India's Ministry of External Affairs, the prime minister outlined the strengths of the Indian economy and its talented workforce to the chief executives of the American companies and discussed with them the prospects vis-a-vis solar energy and digital connectivity.
 
At a gala in his honour later, Modi lauded the contribution of the Indian diaspora in the US and said a partnership between the American capital and innovation and Indian human resource and entrepreneurship can prove a powerful combination.
 
He also emphasised that emerging economies also have a legitimate wish list for the rich nations.
 
"It is very important for us that developed countries also open their markets, not only to goods from countries like India but also to services," said Modi.
 
"India is much more than a market. India is a reliable partner. It is a source of high quality scientific, engineering and managerial talent," he said. "We are encouraging foreign and domestic investors to set up high-quality and efficient manufacturing facilities."
 
On his part, Modi also promised disciplined macroeconomic policies, gender justice and empowerment, social security net and inclusive growth, while assuring that major steps have been taken to curb corruption, which was one of the main concerns and constraints in India.
 
"This brings me to an achievement that I think even our worst critics do not dispute," he said at the event, where a host of top US political figures joined the business leaders to toast Modi.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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Nifty, Sensex struggling to head higher – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex might drift higher. The major indices of the Indian stock markets were moving sideways on Wednesday and they closed with small gains over Tuesday’s close. Intra-day variations were miniscule. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
Key Indian equity market indices were trading in the green during the afternoon session on Wednesday. Good buying was observed in capital goods, telecom and power sectors, while selling pressure was seen in IT sector. With interest rates likely to remain at the same level until the next review, the major indices have not found the fresh impetus to turn the stock market bullish. A good monsoon and rising rural purchasing power may be the only favourable factor for the next few months.
 
Assuring continuity in reforms and predictable tax policies, but with a firm hand against evasion, Prime Minister Narendra Modi invited USA Inc to invest in his country to forge a win-win partnership between American innovation and Indian human resource. Speaking at a gala hosted by the US-India Business Council in USA, he also called upon rich nations to open up their economies to goods and services from emerging countries like India as they seek to make world-class merchandise not just for themselves but also for the entire globe. "India is the future human resource powerhouse of the world with a young hard-working population. In my vision, a partnership between American capital and innovation, and Indian human resource and entrepreneurship can be very powerful," Modi said. "I am convinced we can strengthen both our economies through such a partnership," said the prime minister to a packed audience that included the top brass of companies like PepsiCo, Master Card, Warburg Pincus, Lockheeed Martin, Boeing, Westinghouse, Intelsat, Emerson and 8Minute Energy. 
 
Members of the US-India Business Council have already invested $28 billion in India since September 2014 and another $45 billion is in the pipeline, Council Chairman John Chambers told Prime Minister Narendra Modi. "In September 2014, USIBC members indicated an investment figure of $41 billion that was likely to be invested over a 2-3 year period. Today I'm happy to announce that in less than two years, about 20% of USIBC members have already invested $28 billion," Chambers said. "In next 2-3 years, we will see this pace accelerating -- again with 20 percent of our members indicating that USIBC members are on track to invest an additional $45 billion, which is a conservative estimate," he added. Chambers met Prime Minister Modi just after his roundtable with USIBC members, which included the top brass of companies like PepsiCo, Master Card, Warburg Pincus, Lockheeed Martin, Boeing, Westinghouse, Intelsat, Emerson and 8Minute Energy. The prime minister also presented the USIBC Global Leadership Awards to Dilip Shangvhi of Sun Pharmaceuticals and Jeff Bezos of Amazon.
 
US stocks closed mixed as Wall Street continued to assess US Federal Reserve Chair Janet Yellen's speech on the country's economy. The Dow Jones Industrial Average rose 17.95 points, or 0.10%, to 17,938.28 on Tuesday. The S&P 500 added 2.72 points, or 0.13%, to 2,112.13. The Nasdaq Composite Index fell 6.96 points, or 0.14%, to 4,961.75. Yellen said on Monday that gradual interest rate hikes remain appropriate, but avoided providing precise timing for the central bank's next move. "The positive economic forces have outweighed the negative, and despite the challenges that the economy continues to face, I continue to expect further progress toward our employment and inflation objectives," Yellen said in a speech at the World Affairs Council of Philadelphia. Investors expected that a sharp decline in hiring situation may push back the central bank's decision to raise interest rates in June.
 
The southwest monsoon has finally set in over Kerala and Lakshadweep, the India Meteorological Department (IMD) announced on Wednesday. K Santhosh, director at the IMD office, said "good rains" were expected in the coming days across Kerala. This is good news for the stock markets and there could be an overall cheering effect on the major indices, as the monsoon progresses.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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